Notes

25 Surprising Facts About Cybersecurity Risk
empyrean Risk Management - How to Manage Third-Party Risks

A day doesn't go by without news of data breaches that reveal hundreds of thousands or even millions of private details of individuals. These breaches typically stem from third-party partners, like a vendor that experiences an outage in their system.

Framing cyber risk starts with precise information about your threat landscape. This information helps you prioritize threats that need immediate focus.

State-sponsored Attacks

Cyberattacks from nation-states can cause more damage than other attack. Nation-state attackers typically have significant resources and sophisticated hacking abilities, making them difficult to detect or fight. They can take sensitive information and disrupt services for businesses. empyrean can also cause more harm by focusing on the supply chain of the company and compromising third parties.

The cost of a nation-state terrorism attack is estimated at $1.6 million. Nine in 10 companies believe they have been a victim of an attack from a nation state. And with cyberespionage growing in the eyes of nations-state threat actors, it's more important than ever to have solid cybersecurity practices in place.

empyrean group by nation-states can come in many forms. They can vary from ransomware to Distributed Denial of Service attacks (DDoS). They may be conducted by government agencies, employees of a cybercrime outfit which is affiliated with or contracted by a state, freelancers hired to carry out a specific nationalist campaign or even criminal hackers who attack the public in general.

Stuxnet was an important game changer in cyberattacks. It allowed states to use malware against their adversaries. Since since then, states have been using cyberattacks to achieve their political goals, economic and military.

In recent years, there has been an increase in both the amount and sophistication of attacks backed by governments. Sandworm, a group sponsored by the Russian government, has targeted both consumers and businesses by using DDoS attacks. This is different from traditional crime syndicates that are motivated by the desire to make money. They tend to target businesses and consumers.

Therefore, responding to a threat from an actor of a nation-state requires a significant coordination with several government agencies. This is a significant difference from the "grandfather's cyberattack" when a company could submit an Internet Crime Complaint Center Report (IC3) to the FBI but not have to conduct a coordinated response with the FBI. Responding to a nation-state attack requires a higher degree of coordination. It also requires coordination with other governments, which can be lengthy and difficult.

Smart Devices

As more devices are connected to the Internet cyber-attacks are becoming more common. This increased attack surface could create security risks for both consumers and businesses. Hackers can, for example use smart devices to exploit vulnerabilities to steal data or compromise networks. This is especially true if these devices are not properly secured and secured.

Hackers are attracted by smart devices because they can be used for a variety of reasons, including gathering information about businesses or individuals. For instance, voice controlled assistants like Alexa and Google Home can learn a lot about users through the commands they are given. They can also collect information about users' home layouts and other personal details. These devices are also used as gateways to other IoT devices, such as smart lighting, security cameras and refrigerators.

If hackers can get access to these devices, they could cause significant harm to people and businesses. They can employ them to commit variety of crimes, including fraud and identity theft. Denial-of-Service (DoS) attacks, and malicious software attacks. In addition, they can hack into vehicles to alter GPS locations and disable safety features. They can even cause physical harm to drivers and passengers.

Although it is impossible to stop users from connecting to their devices to the internet but there are steps that can be taken to limit the harm they cause. Users can, for instance alter the default factory passwords on their devices to avoid attackers getting them easily. They can also activate two-factor verification. Regular firmware updates are also necessary for routers and IoT device. Furthermore using local storage instead of cloud will reduce the chance of a cyberattack when transferring or storing data to and from these devices.

Research is still needed to understand the effects of these digital threats on people's lives, as well as the best ways to reduce the impact. Particularly, studies should focus on identifying and designing technological solutions to reduce the negative effects caused by IoT devices. Additionally, they should look at other possible harms like those that are associated with cyberstalking or exacerbated power asymmetries between household members.

Human Error

Human error is among the most frequent factors that can lead to cyberattacks. This could range from downloading malware to leaving a network vulnerable to attack. Many of these mistakes can be avoided by setting up and enforcing strict security measures. For instance, an employee could click on an attachment that is malicious in a phishing attack or a storage configuration error could expose sensitive data.

Furthermore, an employee could disable a security function in their system without even realizing they're doing it. This is a common mistake which makes software vulnerable to attacks from malware and ransomware. According to IBM the majority of security breaches result from human error. It's crucial to understand the types of mistakes that can lead a cyber breach and take the necessary steps to prevent the risk.

Cyberattacks can be triggered for various reasons, such as hacking activism, financial fraud or to steal personal data or disrupt the vital infrastructure or vital services of an the government or an organization. They are typically carried out by state-sponsored actors, third-party vendors, or hacker collectives.

The threat landscape is complex and constantly evolving. Therefore, organizations should continually review their risk profile and review their security strategies to ensure they're up to current with the most recent threats. The positive side is that modern technologies can lower the overall risk of a cyberattack, and enhance the security of an organization.

But, it's crucial to keep in mind that no technology can protect an organization from every threat. This is why it's imperative to develop an effective cybersecurity plan that considers the various layers of risk in an organization's network ecosystem. It is also important to perform regular risk assessments, rather than relying on only point-in-time assessments that are often inaccurate or even untrue. A comprehensive assessment of the security risk of an organization will allow for an efficient mitigation of these risks, and also ensure compliance with industry standard. This will help to prevent costly data breaches as well as other incidents that could adversely impact the company's finances, operations and image. A successful strategy for cybersecurity should include the following elements:

Third-Party Vendors

Third-party vendors are businesses which are not owned by the organization, but provide services, software, or products. These vendors have access to sensitive information like client information, financials or network resources. These companies' vulnerability can be used to access the business system they originally used to operate from when they're not secure. This is the reason that cybersecurity risk management teams are willing to go to the extremes to ensure that risks from third parties can be vetted and controlled.

The risk is growing as cloud computing and remote working become more common. In fact, a recent study by security analytics firm BlueVoyant found that 97% of the companies they surveyed had been affected negatively by supply chain weaknesses. A disruption to a vendor even if it only impacts a small portion of the supply chain can have a domino-effect that could disrupt the entire business.

Many companies have developed a process to onboard new third-party suppliers and demand them to sign service level agreements that specify the standards they will be accountable to in their relationship with the company. Additionally, a thorough risk assessment should include documenting how the vendor is evaluated for weaknesses, then following up on the results and resolving them promptly.


Another way to protect your business against third-party risk is by implementing the privileged access management software that requires two-factor authentication to gain access into the system. This prevents attackers gaining access to your network through the theft of employee credentials.

Not least, ensure that your third party providers are using the most recent version of their software. This will ensure that they haven't introduced security flaws that were not intended in their source code. Most of the time, these flaws remain undetected and are used as a springboard for more high-profile attacks.

Third-party risk is an ongoing risk to any company. The strategies listed above can be used to reduce these threats. However, the most effective method to reduce the risks posed by third parties is to continuously monitoring. This is the only way to fully know the condition of your third-party's cybersecurity and to quickly recognize any potential risks that could arise.

Homepage: https://ctxt.io/2/AABQFJr0Eg